Many landlords in Dubai have started increasing rents upon renewal of their tenancy contracts after the Real Estate Regulatory Authority (RERA) updated its rental index that allowed property owners to increase rents to bring them in line with the market value. Industry executives, however, say that many tenants in the emirate will not have to pay higher rents until later this year or early next year when their current tenancy contracts end. That is because RERA guidelines state that landlords can only increase the rent at the time of tenancy renewal. In March, the Authority updated the index which is expected to see up to a 20 per cent increase in rental value for tenants in the emirate. This revision in the index is said to impact those tenants who have been staying in the property for…

Saudi Real Estate Construction Company (Tamear) has announced that it has secured a SAR160 million ($42.6 million) contract for implementation of architectural and external works for the Tilal Al Riyadh, a key mixed-use project coming up in a major neighbourhood north of capital Riyadh. Located in the Al Malqa District, the Tilal Al Riyadh is characterised by a contemporary aesthetic with its dynamic curved shape and the engaging facade design enhancing transparency and connectivity with the surroundings. It has a built-up area of 54,769 sq m. A major subsidiary of Saudi Real Estate Company (Al Akaria), Tamear said the project scope includes implementation of civil, structural, architectural, electromechanical and external works. The entire contract work will be completed within a…

Demand for ready properties grew in the UAE in the first quarter of 2024 as tenants are increasingly opting for ownership to beat rising rentals. According to the data released by Property Finder, the first quarter of 2024 opened up to strong demand for existing projects across both Dubai and Abu Dhabi unlike the first quarter of 2023 where off-plan transactions soared high. Rents have been consistently on the rise over the past three years after the pandemic. It is expected that this upward rental trend will continue in 2024 also due to unprecedented demand from the rising population. Rising rentals have prompted residents in the UAE to resort to buying properties in Dubai and Abu Dhabi, which will help residents save on rentals and also see their property value…

UAE -  In the first quarter (Q1) of 2024 Abu Dhabi recorded spikes in ready transactions while Dubai sustained a growing interest for both existing and off-plan properties, says a report. Unlike Q1 2023 where off-plan transactions soared high, Q1 2024 has opened up to a strong demand for existing projects across both Dubai and Abu Dhabi, said Property Finder, Mena’s leading property portal, which has revealed key data from its Market Watch digest report for Q1 2024. Abu Dhabi recorded 814 residential transactions in the first quarter (Q1) of 2024 representing around 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This was a notable growth of 30% from Q1 2023 Existing/ready transaction By reaching…

“W Capital” latest study   24% annual growth in off-plan property sales value Dubai Maritime City tops the list with the highest demand for off-plan sales, AED 4.24bn AED500bn in real estate sales expected in 2024 Off-plan sales activity comes in light of a group of buyers preferences to bank on the revenues, W Capital- the leading Dubai real estate brokerage – assessed off-plan real estate sales growth in the first quarter of 2024.The study expected 24% growth in sales to AED44.52bn, compared to AED35.9bn in the same period in 2023. W Capital stated in the report, which was based on data from the Dubai Land Department-DLD, that the number of off-plan sales transactions rose 27.48% on an annual basis in the first quarter of this year, to about 20.540…

In the first quarter of 2024, demand for ready properties increased in the United Arab Emirates as more tenants chose ownership over increasing rentals.   In contrast to the first quarter of 2023, when off-plan transactions skyrocketed, the first quarter of 2024 saw strong demand for existing projects in both Dubai and Abu Dhabi, according to data released by Property Finder.   Following the pandemic, rents have steadily increased over the last three years. Due to the extraordinary demand from the growing population, it is anticipated that this upward rental trend will continue in 2024 as well. Due to rising rental costs, UAE citizens are turning to purchasing real estate in Dubai and Abu Dhabi, which will lower their monthly payments and increase the value of their…

In the first quarter (Q1) of 2024 Abu Dhabi recorded spikes in ready transactions while Dubai sustained a growing interest for both existing and off-plan properties, says a report.   Unlike Q1 2023 where off-plan transactions soared high, Q1 2024 has opened up to a strong demand for existing projects across both Dubai and Abu Dhabi, said Property Finder, Mena’s leading property portal, which has revealed key data from its Market Watch digest report for Q1 2024.   Abu Dhabi recorded 814 residential transactions in the first quarter (Q1) of 2024 representing around 38% of the total transactions compared to 628 transactions that contributed to 27% of the total transactions in Q1 2023. This was a notable growth of 30% from Q1 2023   Existing/ready…

Dubai Janob Real Estate has announced launching the fouth phase of “Janob Bay” project, as a response to the high demand from the investors and buyers side to own in this exceptional project. After selling all the limited units offered earlier, the company has worked to accelerate the launch of new phases to this project. And also announced the hiring of ‘Kharafi Constructions’ to build the third, fourth, and fifth phase for a contract worth AED 1.5 billion. It is planned to finish the fourth phase during the first quarter of 2027, as it will contain 3, 4, 5 bedroom villas. And a limited 5, 6, 7 bedroom lux villas. The company have revealed earlier the hiring of ‘Jinko General Contracting’ earlier this year. Who will be handling the construction…

UAE –  Dubai South Properties has awarded an AED 1.50 billion contract to Al Kharafi Construction Company to build the third, fourth, and fifth phases of the South Bay project. The company launched the fourth phase of the project, which is slated for completion in the first quarter (Q1) of 2027, according to a press release. The fourth phase is set to include 138 units comprising three-, four-, and five-bedroom villas and a limited number of five seven-bedroom mansions.   Nabil Al Kindi, CEO of Dubai South Properties, said: “We are confident that the expertise of the appointed contractor will help us realise this project, which will be an ideal option for those seeking quality living with world-class amenities.” “The sell-out of each phase upon…

    Real estate developer Sobha Group on Wednesday said it has set up a second furniture factory by signing a land lease agreement with Dubai Industrial City (DIC) with an investment valued at Dh450 million.   It is located across an 84,000 square metre land plot with a built-up area of 50,000 sqm. The company will manufacture a range of products including sofas, seats, armchairs, chairs, beds, car and airplane seats, assembled and flat-pack cabinets for the local market and for export customers.   The new facility will reinforce the local industrial sector through initiatives such as ‘Make it In the Emirates’.   “Sobha Furniture at Dubai Industrial City will contribute to Dubai’s and the UAE’s manufacturing landscape in the…

The sale of an AED 148 million villa in Emirates Hills has set a new record for a real estate deal in Dubai. The 19-bedroom estate sold for the fourth-highest price ever for an Emirates Hills home.   This luxurious villa was sold by Dubai Sotheby’s International Realty, and it is currently the third most expensive villa sold in Dubai this year.   Located in the gated community of Emirates Hills, this magnificent villa boasts one of the largest living spaces in Dubai, spanning 80,000 square feet of land and 55,700 square feet of living space.   “This sale underscores the luxury real estate market’s vitality in Dubai and highlights the unparalleled luxury and exclusivity that Emirates Hills offers to its residents,” said a spokesman for Dubai…

To mark a significant sales milestone reached at its upscale development, The Burj Binghatti Jacob & Co. Residences, Dubai-based developer Binghatti has partnered with internationally renowned high jewelry and watchmaking brand Jacob & Co. Almost 50% of the project has sold out in just nine months since sales launch.   There is a growing amount of market anticipation for the opening of this architectural marvel as construction moves forward quickly. According to the statement, the hyper-tower promises to provide an unrivaled living experience that embodies urban luxury with its sleek design, unmatched lifestyle offerings, and panoramic views of the cityscape.   According to the developer, when the 104-story Dubai building is finished, it will be the tallest…